L&T Touches 52-Week High on Rs 1,483 Cr ONGC Order | CORPORATE ETHOS

L&T Touches 52-Week High on Rs 1,483 Cr ONGC Order

By: | January 5, 2018
L&T

Jan 5: L&T Hydrocarbon Engineering Ltd (LTHE), a wholly-owned subsidiary of Mumbai-based construction major Larsen and Toubro Ltd (L&T), on Friday announced that the company has signed an offshore contract for ‘Bassein Development 3 Well Platform and Pipeline Project’ with state-run Oil and Natural Gas Corporation (ONGC) valued at approximately R 1,483 crore.

According to the company, the order encompasses EPCIC-Engineering, Procurement, Construction, Installation and Commissioning-for the project.

“The EPCIC scope of the project includes three new wellhead platforms, 23 kilometer subsea pipeline , composite subsea power cable, clamp-on works on an existing platform and modification work on nine existing platforms in the western offshore basin in India,” the company said.

The project, part of ONGC’s strategy to jointly develop three small and marginal fields/blocks namely B-147, BSE-11 and NBP-E under ‘Bassein Development 3 Well Platform Project’, is scheduled to be completed by May 2019.

L&T shares surged more than 1% to touch a new 52-week high of Rs 1,328 on BSE today morning trade after the announcement came in. At 12 pm, the Rs 2 face value shares were trading in red at Rs 1,312.05, down 0.25% from the previous closing of Rs 1,315.40.